Request a Callback

Accountants in Medway - Sinden Thackeray Partnership

Sign up to our newsletter


  • Book a Free Consultation
  • Get a Fixed Quote
  • Find out how to Make more, Keep more and Work less
  • How Big Is Your Business?
  • Our Monthly Poll

Individuals

Personal Allowances

The standard personal allowance will rise to £11,500 from 6 April 2017. The age related allowances are gradually falling in line with age-related allowances given to taxpayers born since April 1948.

The transferrable allowance will apply from 6 April 2015 to couples (married or civil partners) where neither person pays tax at the 40% or 45% rates. The spouse who cannot use all their personal allowance against their own income will be able to opt to transfer 10% of their personal allowance to their spouse or civil partner.

The personal allowance is tapered away for individuals who have income over £100,000, at the rate of £1 for every £2 of income above that threshold.

The allowances have been announced as follows:

2015/16 (£) 2016/17 (£) 2017/18 (£)
Born after 5 April 1948 10,600 11,000 11,500
Born after 5 April 1938 before 4 April 1948 10,600 11,000 11,500
Born before 6 April 1938 10,660 11,000 11,500
Minimum married couples allowance* 3,220 3,220 3,260
Maximum married couples allowance* 8,335 8,335 8,445
Transferable portion of allowance 1,060 1,100 1,150
Blind person's allowance 2,290 2,290 2,320
Income limit for allowances for age related allowances 27,700 27,700 28,000
Income limit for standard allowances 100,000 100,000 100,000
Personal allowance removed completely at: 121,200 122,000 123,000

 


Christopher Kember FMAAT is licensed and regulated by AAT under licence number 7213. AAT is recognised by HM Treasury to supervise compliance with the Money Laundering Regulations and Sinden Thackeray Partnership is supervised by AAT in this respect.